BP Pensioner Group

As far back as 1992, BP assured their UK pension scheme members that, unless the company was in financial distress, their future pension increases would be raised in line with the cost of living.

In 2022 the BP Pension Trustees decided not to ask BP for a discretionary increase to help pensioners with a large rise in the cost of living. BP had told the Trustees that such a request would have been declined.

In 2023 the Trustees informed pensioners that they had asked BP’s consent for a 4% discretionary pension increase, which they viewed as appropriate; however BP did not support the Trustees recommendation.

The result is that over the last two years (2022 and 2023), members of the BP Pension Fund have lost 11% in the value of their UK pensions at a time when BP is making record profits.

On the 18 April 2023 a BP Pensioner Group was formed, to campaign for the objectives described below.

1. BP and the Trustee to restore the real value of the pension to the level of May 2021 with a 17% increase*.
2. BP and the Trustee to honour the 1992 policy of increasing pensions in line with the cost of living wherever possible provided the Fund has sufficient resources to do so.
3. a) All existing discretionary benefits to be preserved on partial or total buy-out, including the commitment to increase pensions in line with the cost of living.
   (b) Fund governance to be improved to provide more pensioner input and eliminate sponsor conflicts of interest.
4. Any surplus assets left after completion of a buy-out to be distributed between member beneficiaries and bp on a fair and equitable basis.

* comprising 11% for absent discretionary increases in 2022 and 2023, 5.2% to cover annual RPI inflation to December 2023, and the remainder to make good the underpayment since May 2022.

Objectives updated 10 January 2024